Banking tips for senior citizens

As you approach retirement age, you are probably looking to make some changes in the way you manage your finances. Banking for senior citizens often has to accommodate planning for future medical expenses as well as everyday spending. Proper management of your current account can help you ensure you get as much as you can out of your retirement savings.

As you may be on a more structured income, it is also important to step up safety measures when it comes to senior citizen banking. The following tips will help you avoid fraud and keep your account more secure, according to www.citizensbank.com:

Never provide sensitive information like account numbers, debit or credit card numbers or PINs over the phone or email. Your bank will not call or email you for this information. If you have any doubt about the identity of the person who is asking you for information, hang up and call your bank directly.

Keep unused cheques in a safe place: Avoid writing a blank cheque.

Review your account statements and balance regularly online or with monthly paper statements. Balancing your chequebook against your monthly statement can help you catch any fraudulent spending if it occurs.

Establish a personal relationship with your banker or attorney. If they know you, they may be able to help identify suspicious activity on any of your accounts more quickly.

Consider using a joint current account for senior citizen banking needs

If one of your children or a trusted family member is currently helping you manage your finances, it may be beneficial to visit your bank together and open a joint current account or sign a Power of Attorney to grant them access to your account.

For senior citizens, a joint current account provides convenience and security, but it also means that both parties are jointly responsible for the account and the funds in it. In this scenario, your chosen advocate will have full access to the funds in the account, including the ability to write cheques and draw on the account. They can actively help you manage daily finances, larger purchases and medical expenses. They will also be able to conveniently transfer funds from their account to yours if you need money, or withdraw on your behalf if you are unable to.

As an alternative, if you sign a Power of Attorney, the person you select will have full access to your funds, but not shared ownership of them. They will also have a legal obligation to act in your best interest at all times. You can use a lawyer to set up a Power of Attorney agreement if you choose, or you can choose to simply have one signed in front of a notary.

The most important thing you can do when giving someone else access to your funds is choose someone you trust implicitly to do the right thing.

You can also learn how to take advantage of the benefits of online banking for senior citizen’s current accounts.

As a senior citizen, a current account may help you manage your retirement funds more closely. Consider setting up direct deposits and automatic bill payments. For senior citizens with other benefits such as pension and other direct deposits, it means easy access to these funds with fewer trips to the bank.

Senior citizens’ banking becomes simpler and more manageable when you can make automatic payments from the comfort of your own home. With online banking, you can pay medical bills, utilities, credit card bills and more without worrying about making payments on time. You can even set your account to make payments when you are on vacation. You can also set up automatic transfers into savings accounts or money market accounts to continue to grow your funds during retirement. If you are unsure how to utilise online banking to pay bills, you can view some helpful online banking methods or speak to a bank’s representative.

You can open a minimal fee current or savings account with a bank. When exploring senior citizen banking options, you may want to consider an account with minimal fee and activity requirements.

Copyright PUNCH. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.